The IPO comprises a fresh issue of shares to raise up to Rs 70 crore and an offer for sale of up to 2.9 million shares by promoters Haridas Thakarshi Kanani and Beena Haridas Kanani, according to its draft prospectus.

The duo together hold 15.2 million shares, or an 80.8% stake, in the company.

Haridas Kanani is the company's founder and chairman. The IIT-Bombay graduate set up Neogen in 1989, according to the company's website.

Neogen began business operations in 1991 at a factory at Mahape, Navi Mumbai. Thane-based Neogen also has a factory in Vadodara, Gujarat.

Neogen makes bromine- and lithium-based specialty chemicals. Over the years it has expanded its range of products. It now makes 187 products, comprising 170 organic chemicals and 17 inorganic chemicals.

The company is following in the footsteps of about four-dozen listed peers, including Blackstone-backed SH Kelkar & Co. Ltd, BASF India and Shree Pushkar Chemicals & Fertilisers.